Remitly Global (NASDAQ:RELY) Now Covered by Bank of America

Bank of America initiated coverage on shares of Remitly Global (NASDAQ:RELY) in a research note published on Tuesday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $18.00 target price on the financial services provider’s stock.

A number of other equities research analysts also recently issued reports on the company. Weiss Ratings reissued a “sell (d+)” rating on shares of Remitly Global in a research report on Monday, December 29th. Monness Crespi & Hardt reduced their target price on Remitly Global from $32.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Zacks Research upgraded Remitly Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. JPMorgan Chase & Co. cut their price objective on shares of Remitly Global from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $17.00 price objective on shares of Remitly Global in a research note on Tuesday, January 6th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $23.70.

Remitly Global Stock Performance

RELY opened at $13.63 on Tuesday. The stock has a fifty day moving average of $13.82 and a 200-day moving average of $15.48. The company has a market capitalization of $2.85 billion, a P/E ratio of 151.44 and a beta of 0.11. Remitly Global has a fifty-two week low of $12.08 and a fifty-two week high of $27.32.

Insider Activity at Remitly Global

In other Remitly Global news, Director Ryno Blignaut sold 4,500 shares of Remitly Global stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $13.25, for a total value of $59,625.00. Following the transaction, the director owned 41,576 shares in the company, valued at $550,882. The trade was a 9.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joshua Hug sold 40,776 shares of the stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $13.33, for a total transaction of $543,544.08. Following the completion of the transaction, the director directly owned 3,654,764 shares of the company’s stock, valued at $48,718,004.12. This trade represents a 1.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 48,276 shares of company stock valued at $648,169 over the last ninety days. 8.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. AXQ Capital LP acquired a new stake in shares of Remitly Global during the 4th quarter valued at $279,000. One Capital Management LLC raised its position in Remitly Global by 57.1% in the fourth quarter. One Capital Management LLC now owns 83,702 shares of the financial services provider’s stock valued at $1,155,000 after purchasing an additional 30,426 shares during the last quarter. Main Management ETF Advisors LLC boosted its stake in shares of Remitly Global by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 96,309 shares of the financial services provider’s stock valued at $1,329,000 after purchasing an additional 984 shares in the last quarter. Norges Bank bought a new stake in shares of Remitly Global during the fourth quarter worth about $13,871,000. Finally, Future Fund LLC increased its stake in shares of Remitly Global by 57.1% in the fourth quarter. Future Fund LLC now owns 83,702 shares of the financial services provider’s stock valued at $1,155,000 after buying an additional 30,426 shares during the period. 74.25% of the stock is currently owned by institutional investors and hedge funds.

About Remitly Global

Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.

Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.